There is usually a clause in the P&S or addendum to the effect that if the seller needs time to remove any defects in title, deliver possession or make the premises conform, you agree to give them an extension and if they are unable to perform by the expiration of the extension, the seller will refund buyer's EM and the contract will be void with no recourse to either party.

There is a guy on here who posted a very extensive thread about a SoCal development project, he might be a good contact for you.  

Preventing further damage is easy and the good news is that even if that damage is extensive, it still isn't expensive.

This house doesn't quite scream flip since the reno is extensive and the ARV isn't super impressive. 

I've gotten different suggestions: either conduct a basic remodel of the kitchen and bathroom, or undertake an extensive gut and remodel and convert the kitchen + living room to one large open space (that came from one of the GC's who does flips in the area). 

Temporary i extended the pipe with a extension so it lands on grass, but it then blocks parking to side of house. 

I've heard of Fannie & Freddie on some forums and some BP podcasts but never really dug into or heard extensively about Fannie Mae properties.

Also ask for an extension to pay if you actually reach a person by saying you  are currently out of the state.

Depending how extensive the fire was, it will probably need all the major stuff like wiring, plumbing above the slab, a/c, flooring, some framing, roof, sheetrock, etc.

Also I've dealt with Blackhawk pretty extensively and they've always been very real estate friendly!